STAY LONG WITH THE STOP-LOSS OF 10095

STAY LONG WITH THE STOP-LOSS OF 10095

WORLD MARKETS

US markets were shut on Friday on account of Good Friday holiday.

On Thursday, US indices soared 1.1%-1.6% as with Nasdaq on the top as technology stocks surged.

European markets gained 0.2%-1.3% with DAX leading the gains. German unemployment figures reached a record low in March at 5.3%. The U.K.'s current account deficit was £18.4 billion in the last quarter of 2017, lower than what analysts had expected.

For the week, US indices gained 1%-2.4% with the Dow on the top. European markets gained 1.4%-2%. In Asia, Nikkei soared 4%, Shanghai was up 0.5% but Hang Seng lost 0.7%. India was up 1.1%.

For the quarter, the Dow and S&P 500 fell 2.3% and 1.2% respectively, snapping nine-quarter winning streaks. The Nasdaq, meanwhile, rose 2.3%.

AT HOME

Benchmark indices ended with cuts of six tenth of a percent after a choppy trade on the last day of the truncated week as well as the fiscal 2018. Sensex settled at 32968, down 205 points while Nifty finished 62 points lower at 10121. BSE mid-cap and small-cap indices fell 0.5% and 0.9% respectively. Except 0.2% and 0.1% higher Consumer Durable and Oil & Gas indices respectively, all the BSE sectoral indices ended in red with Telecom and Metal indices leading the losses, down 2.6% and 2% respectively.

FIIs net sold stocks and index futures worth Rs 1191 cr and 971 cr respectively but net bought stock futures worth Rs 1115 cr. DIIs were net buyers to the tune of Rs 1961 cr.

Rupee depreciated 20 paise to end at 65.17/$.

For the week, Sensex and Nifty gained 1.1% and 1.2% respectively, breaking four-week losing streak.

India's fiscal deficit soared to Rs 7.15 lakh crore at the end of February, exceeding the revised target of Rs 5.94 lakh crore for the entire 2017-18 fiscal.

Maruti Suzuki reported 15% jump in March sales at 1.60 lac units. Eicher Motors reported 27% growth in Royal Enfield sales at 76087 units. Tata Motors' CV sales rose 37% to 49174 units.

OUTLOOK

Today morning, Asian markets are trading with modest gains and SGX Nifty is trading around 10230, suggesting about 80 points higher start, when compared with Wednesday's Nifty future close of 10152.

Last week, after Nifty crossed the immediate hurdle of 10130, we had given un upside target of 10227 and had asked holding on to long positions with the stop-loss of 10095. Nifty, after touching a high of 10208 on Tuesday, slipped to touch a low of 10097 and closed at 10113.

A higher start today would take the benchmark near 10200 mark.

10227, the top made on 21st March, continues to be immediate upside hurdle. Above 10227, 34-DMA, placed around 10340, would be the next target/hurdle to eye.

10095 continues to be immediate support, with the stop-loss of which, trading longs should be held on to.